Revenue and Sales Performance - Harvard Bioscience's revenues from direct sales to end-users represented approximately 67% of total revenues for the year ended December 31, 2021[31]. - The Cellular and Molecular Technologies (CMT) product family accounted for approximately 57% of global revenues for the years ended December 31, 2021 and 2020[27]. - The Preclinical product family made up approximately 43% of global revenues for the years ended December 31, 2021 and 2020[28]. - Approximately 14% and 15% of revenues for the years ended December 31, 2021 and 2020, respectively, came from factored products sold from other manufacturers[26]. - Revenues for the years ending December 31, 2021, and 2020 were negatively impacted due to disruptions from COVID-19 and supply chain issues[115]. - Revenues for the year ended December 31, 2021, were $118.9 million, an increase of approximately $16.8 million, or 16.5%, compared to $102.1 million for the year ended December 31, 2020[122]. - Total revenues for the year ended December 31, 2021, were $118,904,000, representing an increase of 16.4% from $102,100,000 in 2020[202]. Financial Performance and Expenses - Research and development expenses were approximately $10.8 million and $8.7 million for the years ended December 31, 2021 and 2020, respectively[35]. - Sales and marketing expenses increased $4.7 million, or 23.7%, to $24.6 million for the year ended December 31, 2021, compared to $19.9 million during the same period in 2020[124]. - Research and development expenses were $10.8 million for the year ended December 31, 2021, an increase of $2.1 million, or 24.3%, compared with $8.7 million for the year ended December 31, 2020[126]. - Interest expense decreased by $3.3 million, or 68.1%, to $1.5 million for the year ended December 31, 2021, compared with $4.8 million for the year ended December 31, 2020[128]. - The net loss for 2021 narrowed to $288,000 compared to a net loss of $7,810,000 in 2020, showing a substantial reduction in losses[202]. - The company reported comprehensive income of $2,751,000 for 2021, a significant improvement from a comprehensive loss of $8,187,000 in 2020[204]. Operational Challenges - The company faced significant disruptions in the global supply chain during 2021, leading to increased costs and delayed customer shipments[15]. - The global supply chain experienced significant disruptions during 2021, leading to increased costs and delays in customer shipments[114]. - The ongoing military conflict between Russia and Ukraine has created economic uncertainty that may adversely affect the company's financial condition[93]. - The company transitioned a significant portion of its workforce to work-from-home during the COVID-19 pandemic, impacting productivity and sales activities[14]. Debt and Financial Obligations - The company has a term loan of $40.0 million and a $25.0 million senior revolving credit facility, with outstanding borrowings of $49.5 million as of December 31, 2021[66]. - The company’s ability to make scheduled payments on debt and comply with financial covenants is dependent on its financial and operating performance, which may be affected by economic conditions and other uncontrollable factors[71]. - The company expects that available cash, cash generated from operations, and debt capacity will be sufficient to finance current operations for at least the next 12 months[142]. Market and Competitive Landscape - The company derives a significant portion of its revenues from pharmaceutical and biotechnology companies, which are subject to risks that may adversely affect financial results[57]. - The company faces competition from established companies with greater financial and operational resources, which may impact its market position[54]. - The company expects increased competition as the number of products and competitors in its market segment grows[46]. - The company operates in a highly competitive biotechnology industry, which may impact its revenues and operating results[95]. Human Resources and Workforce - The restructuring plan initiated in December 2019 aimed to deliver significant cost savings and included a reduction in force of approximately 10% of headcount[18]. - As of December 31, 2021, the company employed 494 employees, including 475 full-time employees[49]. - The company has never experienced a general work stoppage or strike, indicating good relations with employees[49]. - The company’s success is highly dependent on retaining key personnel, and competition for qualified employees is intense, particularly in key geographic areas[83]. Regulatory and Compliance - The company is not subject to direct governmental regulation for its current products, which are not required to undergo pre-market approval by the FDA[48]. - The company is subject to various covenants under its Credit Agreement, including a maximum consolidated net leverage ratio and a minimum consolidated fixed charge coverage ratio[68]. - The company maintains effective internal control over financial reporting as of December 31, 2021, as confirmed by independent auditors[170]. - Management's evaluation of internal control effectiveness is based on the COSO framework, concluding effectiveness as of December 31, 2021[165]. Asset and Equity Management - Total assets increased to $162,344,000 in 2021 from $156,254,000 in 2020, indicating growth in the company's asset base[200]. - Total liabilities decreased slightly to $78,943,000 in 2021 from $79,573,000 in 2020, reflecting improved financial stability[200]. - Stockholders' equity rose to $83,401,000 in 2021, up from $76,681,000 in 2020, indicating a strengthening balance sheet[200]. Currency and Tax Considerations - A significant portion of the company’s revenues is derived from international operations, making it susceptible to foreign currency exchange rate fluctuations, which could adversely affect sales prices and costs[74]. - Changes in foreign currency exchange rates resulted in a favorable effect on revenues of approximately $1.7 million during the year ended December 31, 2021[144]. - The company is subject to income taxes in the U.S. and various foreign jurisdictions, with significant judgment required in determining the annual tax rate[153]. - Changes in tax reserves could materially impact the company's financial condition or results of operations[154].

Harvard Bioscience, Inc. (NASDAQ:HBIO) Q4 2021 Earnings Conference Call March 8, 2022 8:00 AM ET Company Participants David Sirois - Director of Corporate Accounting & SEC Reporting James Green - President & Chief Executive Officer Michael Rossi - Chief Financial Officer Conference Call Participants Paul Knight - KeyBanc Tim Chiang - Northland Securities Lisa Springer - Singular Research Bruce Jackson - Benchmark Operator Good morning and thank you for standing by. Welcome to the Fourth Quarter 2021 Harvard ...

NASDAQ: HBIO Q4'21 Earnings Presentation Jim Green, Chairman, President & CEO Mike Rossi, CFO March 8, 2022 Forward-Looking Statements and Non-GAAP Financial Information Forward-Looking Statements Information in this presentation or in oral statements of the management of the Company may include forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of such words as "will," "gu ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2021 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from_____to _____ Commission file number 001-33957 HARVARD BIOSCIENCE, INC. (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction of (I.R.S. Empl ...

Q3 2021 Performance Highlights - Revenue reached $29.7 million, a 23% increase compared to Q3 2020 and an 8% increase compared to pre-COVID levels in Q3 2019 [5, 6, 11] - Pre-Clinical product line revenue increased by 28% due to strong global demand [5, 11] - Cellular & Molecular product line revenue increased by 19% as academic labs continued to recover from lockdowns [5, 11] - Adjusted Operating Income was $3.9 million with an Adjusted Operating Margin of 13.3% [6, 14] Financial Details - Gross Margin was 55%, a decrease of 110 bps compared to Q3 2020 [6, 19] - Adjusted Gross Profit was $16.4 million with an Adjusted Gross Margin of 55.5% [14] - Adjusted Operating Expenses were $12.5 million, representing 42.1% of revenue [14] - Net Debt decreased from 41.6 million in Q3'20 to 40.9 million in Q3'21 [13] Outlook - The company increased its revenue growth outlook for 2021 to 15-17% [16] - The company expects to maintain mid-teens Adjusted Operating Margins [16]

Harvard Bioscience, Inc. (NASDAQ:HBIO) Q3 2021 Earnings Conference Call November 3, 2021 8:00 AM ET Company Participants David Sirois - Director, Corporate Accounting & SEC Reporting James Green - President, CEO & Chairman Michael Rossi - CFO Conference Call Participants Lisa Springer - Singular Research Paul Knight - KeyBanc Capital Markets Timothy Chiang - Northland Capital Markets Bruce Jackson - The Benchmark Company Ailon Grushkin - Nano-Cap Growth Operator Good day, and thank you for standing by. Welc ...

NASDAQ: HBIO Q2'21 Earnings Presentation Jim Green, Chairman, President & CEO Mike Rossi, CFO August 5, 2021 Forward-Looking Statements and Non-GAAP Financial Information Forward-Looking Statements Information in this presentation or in oral statements of the management of the Company may include forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of such words as "will," "g ...

Financial Data and Key Metrics Changes - Revenue increased by 25% compared to Q2 2020, reaching $29.2 million, returning to pre-COVID levels [8][11] - Gross margin was 56%, down 340 basis points from the previous year due to increased costs from global supply chain issues [11][12] - Adjusted operating income was $4.3 million, with an adjusted operating margin of 14.6% [12] - GAAP earnings per share improved to negative $0.01 from negative $0.04 last year, while adjusted earnings per share rose to $0.06 from $0.05 [12] Business Line Data and Key Metrics Changes - Cellular and molecular product revenue grew by 22%, driven by strong order and backlog growth, despite shipment delays [13] - Preclinical product revenue increased by 20%, supported by strong demand from CROs, pharma, and academic labs [14] - Sales in the Americas rose by 28%, while Europe saw a 32% increase, indicating strong academic lab demand [15] Market Data and Key Metrics Changes - European labs are recovering, although slowly, with expectations for improved demand as the year progresses [15][46] - Overall reported revenue grew by 25%, with a 21% increase on a currency-adjusted basis [15] Company Strategy and Development Direction - The company aims to focus on organic sales growth and new product introductions while addressing COGS issues from supply chain disruptions [29][30] - There is an emphasis on improving sales effectiveness and marketing to drive revenue growth [29] - The company plans to continue portfolio rationalization to enhance revenue quality [33] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from global supply chain disruptions but expressed confidence in improving operational efficiencies and cost management [30][39] - The outlook for revenue growth has been raised to approximately 12% to 15% for the year, with expectations for continued gross margin expansion [31][34] - Management is optimistic about achieving sustained double-digit revenue growth in the future [49] Other Important Information - The company introduced 17 new products in the first half of the year, with a focus on preclinical and cellular product lines [17][68] - The restructuring program initiated in 2019 has resulted in $7 million of annualized cost savings [24] Q&A Session Summary Question: How fixable are the supply chain issues? - Management indicated that while some costs are expected to remain, improvements in supply chain management will help reduce costs over the next few quarters [37][39] Question: What products drove the 25% Q2 growth? - The preclinical DSI products and inhalation products were significant contributors to growth, despite some shipment constraints [41][42] Question: Will new product launches be delayed due to supply chain issues? - Some delays are anticipated, but new product introductions are expected to drive sustained revenue growth [53] Question: Is there an expected increase in demand from academic labs in the fall? - Management expects demand to increase as new budgets are allocated at the start of the academic year [55] Question: Will the backlog be worked through in the second half of the year? - Management does not expect to clear the entire backlog but anticipates getting closer to a normalized backlog by year-end [60][62] Question: What areas are the new products focused on? - Most new products are in the preclinical line, with significant investments in software systems and cellular testing capabilities [68][70]

Revenue Performance - Revenues for the three months ended June 30, 2021 were $29.2 million, an increase of approximately $5.9 million, or 25.3%, compared to $23.3 million for the same period in 2020[73] - Revenues for the six months ended June 30, 2021 were $56.2 million, an increase of approximately $9.1 million, or 19.3%, compared to $47.1 million for the same period in 2020[82] Profitability - Gross profit increased by $2.5 million, or 18.0%, to $16.4 million for the three months ended June 30, 2021, with a gross margin of 56.0%[74] - Gross profit increased by $4.9 million, or 18.4%, to $31.8 million for the six months ended June 30, 2021, compared to $26.9 million for the same period in 2020[83] - Gross margin decreased to 56.6% for the six months ended June 30, 2021, down from 57.0% for the same period in 2020, primarily due to supply chain cost increases[83] Expenses - Sales and marketing expenses rose by $1.4 million, or 33.9%, to $5.7 million for the three months ended June 30, 2021, primarily due to investments in new personnel[75] - Sales and marketing expenses rose by $1.2 million, or 12.8%, to $11.1 million for the six months ended June 30, 2021, compared to $9.9 million in 2020[84] - Research and development expenses increased by $0.8 million, or 42.4%, to $2.7 million for the three months ended June 30, 2021, reflecting higher compensation and strategic costs[77] - Research and development expenses increased by $0.8 million, or 18.3%, to $5.2 million for the six months ended June 30, 2021, compared to $4.4 million in 2020[86] - General and administrative expenses were $6.4 million for the three months ended June 30, 2021, an increase of $0.7 million, or 12.9%, compared to the same period in 2020[76] Interest and Debt - Interest expense decreased by $0.8 million, or 69.4%, to $0.4 million for the three months ended June 30, 2021, due to lower interest rates under a new Credit Agreement[79] - Interest expense decreased by $1.7 million, or 68.9%, to $0.8 million for the six months ended June 30, 2021, compared to $2.5 million in 2020[88] - Total debt, net of cash and cash equivalents, was $38.2 million as of June 30, 2021, compared to $41.1 million at December 31, 2020[91] Cash Flow and Liquidity - Cash provided by operating activities was $1.8 million for the six months ended June 30, 2021, down from $5.2 million in 2020[95] - The company held cash and cash equivalents of $6.2 million as of June 30, 2021, down from $8.3 million at December 31, 2020[91] - The company expects available cash and cash generated from operations to be sufficient to finance current operations for at least the next 12 months[94] Restructuring and COVID-19 Impact - The 2019 Restructuring Plan is expected to deliver approximately $4.5 million of annualized run-rate savings[68] - Cash outlays incurred through June 30, 2021 as a result of the restructuring plan totaled $8.2 million[70] - The company continues to monitor the impact of COVID-19 on operations and sales, with many academic labs not yet returning to pre-COVID levels[67] Taxation - The effective tax rate for the six months ended June 30, 2021, was 18.0%, compared to (14.4)% for the same period in 2020[89]

Harvard Bioscience, Inc. (NASDAQ:HBIO) Q1 2021 Earnings Conference Call May 6, 2021 8:00 AM ET Company Participants David Sirois - Director, Corporate Accounting & SEC Reporting James Green - President, CEO & Chairman Michael Rossi - CFO Conference Call Participants Paul Knight - KeyBanc Capital Markets Timothy Chiang - Northland Capital Markets Lisa Springer - Singular Research Bruce Jackson - The Benchmark Company Operator Good day and thank you for standing by and welcome to the Q1 2021 Harvard Bioscienc ...